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The firm wants to be a key player in what is an emerging industry and has 12 million UK users through existing contracts with the likes of HSBC Holdings PLC.

It said it aims to reach an ambitious target of 33 million users by the end of the summer and added that the decision to split the two firms was made to "allow each to pursue its own independent strategy".

Monitise chief executive Alastair Lukies said:

"The proposed admission to AIM and subsequent placing will provide the appropriate financial structure to exploit the unique position we hold in this high growth, global market and to retain our leading position as the market evolves."